Education Loans in Kerala for Overseas Study: Banks, NBFCs, and Documents

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Education Loans in Kerala for Overseas Study: Banks, NBFCs, and Documents: Studying abroad is a dream for many students, offering the chance to gain a world-class education and explore new opportunities. However, the cost of studying abroad can be a major hurdle. Education loans provide a practical solution to this challenge. In Kerala, both banks and Non-Banking Financial Companies (NBFCs) offer education loans specifically designed for overseas studies. This article discusses the available loan options, the role of banks and NBFCs, and the documents required to secure an education loan for studying abroad.

Why Education Loans are Essential for Overseas Studies

Studying abroad involves significant expenses, including tuition fees, travel costs, living expenses, and more. For many students, these costs can be overwhelming. Education loans help bridge this financial gap, allowing students to focus on their studies rather than worrying about finances. Education loans in Kerala come with favorable terms, competitive interest rates, and flexible repayment options, making them an attractive choice for students looking to study overseas.

Education Loan Options from Banks in Kerala

Several banks in Kerala offer education loans to students planning to pursue higher education abroad. Some of the leading banks include:

  • State Bank of India (SBI): SBI offers the “SBI Global Ed-Vantage” loan scheme, which covers up to INR 1.5 crore for overseas education. This loan can be used for tuition fees, living expenses, and other related costs. The interest rate is competitive, and repayment options are flexible, making it one of the most popular choices for students.

  • HDFC Bank: HDFC Bank’s “Education Loan for Abroad” scheme offers loans for both undergraduate and postgraduate studies abroad. The loan amount can range from INR 10 lakhs to INR 20 lakhs, depending on the course and destination. The bank also provides a loan for expenses like travel, books, and living costs.

  • ICICI Bank: ICICI Bank offers education loans for higher studies abroad with attractive interest rates and quick processing. The loan covers tuition fees, accommodation, and other study-related expenses, and the repayment period is quite flexible.

  • Punjab National Bank (PNB): PNB provides the “PNB Udaan” scheme, which helps students finance their education abroad. It covers tuition, living expenses, and other costs, with loan amounts ranging from INR 10 lakhs to INR 20 lakhs.

These banks offer different interest rates, loan amounts, and repayment terms. Students should compare the options to choose the one that suits their needs best.

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NBFCs and Their Role in Education Loans

Apart from traditional banks, Non-Banking Financial Companies (NBFCs) are also playing a significant role in providing education loans for overseas studies. NBFCs typically offer faster approval processes and more flexible eligibility criteria, making them a popular choice for many students. Some of the leading NBFCs offering education loans in Kerala include:

  • Auxilo Finserve: Auxilo provides quick and hassle-free education loans for studying abroad, with minimal documentation. They offer loan amounts covering up to 80% of the total education expenses.

  • Credila: A subsidiary of HDFC Ltd., Credila specializes in education loans for higher studies abroad. Credila offers loans for both undergraduate and postgraduate studies, covering up to 100% of the total expenses. The loan also includes benefits like flexible repayment options and lower processing fees.

Documents Required for Education Loan Application

Whether you choose a bank or an NBFC, you’ll need to submit certain documents for loan approval. The key documents typically required include:

  • Admission Proof: A letter of admission or an offer letter from the university or college abroad.

  • Academic Records: Mark sheets and certificates from previous education, as well as standardized test scores (e.g., GRE, IELTS, TOEFL).

  • Identity Proof: A valid passport, voter ID, or Aadhar card.

  • Income Proof: Income tax returns, salary slips, or bank statements of the student or co-applicant (usually parents).

  • Course Details: Information regarding the course, such as fees, duration, and other costs.

  • Collateral Documents: If the loan amount is high, banks or NBFCs may require collateral such as property or fixed deposits.

Making Your Dream of Studying Abroad a Reality

Education loans are a crucial financial tool for students in Kerala who wish to pursue higher education abroad. With options from both banks and NBFCs, students can access funds for tuition fees, living expenses, and other necessary costs. By comparing interest rates, loan amounts, and repayment options, you can choose the best loan provider for your needs. Once you have the necessary documents in place, the process of applying for a loan becomes straightforward. With the right loan, you can focus on your studies without financial stress, making your dream of studying abroad a reality.

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